Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

dürfte auch bei den Beteiligungen von Internet Capital vorherrschen, denn bei einem Verkauf bekommt man wegen der Synergieeffekte mehr als bei einem IPO. Die Frage stellt sich jetzt besonders für Metastorm, denn zwei kleinere Konkurrenten von Metastorm wurde inzwischen von Dickschiffen übernommen, z.B. der kleinere Konkurrent von Metastorm, der Anbieter Lombardi, durch IBM.

Merger or sale was a far more popular strategy at 61%    

Startup Execs Seeing Better Days For IPOs, Mergers, Survey Says


Amy Reeves , On Monday December 14, 2009, 6:05 pm EST

As the economy shows more signs of recovery, the mood of cautious optimism is flowing into that traditionally most optimistic of sectors: start-ups.

Law firm Foley & Lardner's annual survey of emerging companies, released Oct. 15, found that executives are slowly easing from last year's fortress-building mentality. While in 2008 a record-high 81% of respondents said an exit was at least three years off, now only 72% say that. Meanwhile, the number who know what their exit strategy will be has risen to 91%. An exit strategy might mean an IPO, merger or strategic partnership.

Still, only 3% expected that exit to be an IPO, similar to past years. A merger or sale was a far more popular strategy at 61%. Eighty-one percent of respondents expect the IPO market to be stagnant over the next two years. Still, a larger number than last year expect a robust IPO market, while only 9% expect a declining market, a similar number to the boom year of 2005.

Gabor Garai, head of Foley's private equity & venture capital practice, recently spoke to IBD about what these results tell us about start-ups' mind-set these days.

IBD: You've found more and more executives have decided what their exit strategy is going to be, whatever it may be. Does that indicate more certainty about the future?

Garai: I think so, yes. What's happening over the last few months is some of these companies are starting to see that the market is there, it's growing, and their revenues are going to see some significant growth over the next two or three years. When people are looking to buy or sell, they're looking at companies that have (that) potential.

That's what people are starting to see in these technology areas, especially those having anything to do with continuing growth on the Web or in wireless. There's still a lot of unsatisfied demand, still a lot of opportunities.

Some of it is just general optimism about the economy, of course, and a sense that as the economy starts turning around, people will inevitably need to invest. There's a lot of technology that companies have out there that's pretty old, and companies have been holding back on investing in new technologies. But as these technologies become a lot more efficient, it makes sense.

Let me give you one example. If you have a computer that has a problem, you used to have to call for user support, and you got somebody from a foreign country trying to explain to you how you should do all these things on your computer. For somebody who doesn't know how to pull up Start or MS Configure and then try to walk you through doing it, it's a very complicated and awkward system.

So there comes a company called LogMeIn (NasdaqGM:LOGM - News), which just went public three or four months ago. (With its software,) the guy who's in India or wherever can actually take over your computer and do it himself. This allows companies like Microsoft (NasdaqGS:MSFT - News) and Dell (NasdaqGS:DELL - News) to fix these problems more quickly and in a much more pleasant way for the user. That's just an example.

IBD: It seemed like a few years ago, the main competition for the IPO market was private equity. Now, though, it seems to be companies doing buyouts. For instance, last week, Link Technologies pulled its IPO at the last minute to be bought out instead.

Garai: I think what's happening is the private-equity world is still licking its wounds. Companies looking to exit have two other options.

One that's always been around, and frankly is even more around this year, is other companies buying them. (That's) even more viable now because there are all these companies that have been sitting on their cash for the last year-and-a-half or two years, and now they're feeling a little more confident in using that cash to make acquisitions.

They can say gee, these valuations are still quite low, and we can have some visibility as to what's likely to happen with a company we can buy. So rather than building our own technology, which will cost a lot of manpower and take a longer time, we can buy a company that already has products that have been built. You see the upside very easily.

Look at what's happening to companies like Apple (NasdaqGS:AAPL - News) and Google (NasdaqGS:GOOG - News) and Microsoft. Those companies have enormous amounts of cash, and it's quicker and cheaper to penetrate the market by buying out a company.

The alternative is an IPO. When companies are seen as being capable of going public, the large companies that have been waiting on the sidelines are forced to make a decision. Are they going to let this company go public, in which case it's going to be much harder and much more expensive to buy them in the future? Or, are they going to make a sort of pre-emptive bid and convince the management team that even if they don't get that last dollar they could get from an IPO, at least, it's all cash and you don't have to wait for the stock to be through the lockup period?

An IPO is a great alternative if you're in for the long haul, but if somebody makes a very sweet offer, you may take them up on it.

The other aspect of it is that venture funds have had a tough time raising money. They're out there looking for ways to build a track record that they can use to raise their money next year or the year after. So they're taking their more successful companies to an exit scenario where they can show their investors how well they've done.

IBD: Among the few startups that have gone public in the last year, a high proportion have been Chinese. In your experience, do American startups look to those offerings to tell them about the IPO market? Do they see themselves as comparable?

Garai: They definitely see it as comparable. The market is much more global now. When you look at these American emerging companies, they can't really show themselves to be legitimate without a significant footprint in Asia. They start to realize they are competing with local companies in those countries.

As they see their Chinese competitors going public, they're seeing that's just really part of the overall market. The investors who are looking at these companies are starting to look at them as international companies without regard to where they start.

I mentioned LogMeIn as an example. The technology people who started that company happen to be Hungarian. The management is American.

It's a company that spans two continents. The same thing is true for smaller companies working with Chinese and Indians. People are starting to be more and more comfortable with these international companies.  

das Management von Internet Capital den heutigen Tag für Rückkaufe nutzt. Das haben sie zwar immer wieder einmal getan, aber meines Erachtens nicht aggressiv genug, denn sie halten für meinen Geschmack einfach zu viel Liquidität vor.  

einmal wiederholen:

http://messages.finance.yahoo.com/...62985&tof=1&frt=2#262985  

ganz ordentlich und deuten auf Expansion hin:

http://messages.finance.yahoo.com/...63020&tof=2&frt=2#263020  

könnte man bei der momentanen Marktkapitalisierung zwei Drittel der Aktien zurückkaufen:

http://messages.finance.yahoo.com/...62985&tof=3&frt=2#262985

Man kauft zwar etwas zurück, aber mit der Geschwindigkeit einer Schnecke. Mir ist zwar klar, dass durch starke Rückkäufe der Kurs explodieren würde, aber etwas an Tempo sollte man schon zulegen, denn ich kann mir vorstellen, dass zumindest bei Metastorm eine Monetarisierung nahe ist - und vorher sollte man sein Rückkäufe noch einmal ganz massiv steigern, weil uns dann ein Jump ins Haus steht.  

dass allein die 64% an ICGCommerce schon allein einen höheren Wert verkörpern als die 241 Millionen Marktkapitalisierung vom Freitag.  

http://www.odgersinterim.com/...ourcing-will-rise-by-25-in-2010-1835/  

https://www1.vtrenz.net/imarkownerfiles/...Companies_Want_To_Know.pdf  

http://www.govdelivery.com/pdfs/news/opengov_release_011410.pdf  

http://messages.finance.yahoo.com/...;mid=262858&tof=11&frt=2

Internet Capital hält 64% an ICGCommerce.  

http://www.govdelivery.com/pdfs/news/opengov_release_011410.pdf

Internet Capital hält 89% an GovDelivery.  

mount to semi-conductior tools, please contact Peter Budden on 0044 7785 22 19 22.
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Materials Handling Auction February 2010
[Posted by Peter Budden ON Thursday, January 07, 2010]
Categories: Auction news, Vehicles-Boats - Commercial Transportation | Add a comment
GoIndustry Dovebid are inviting sellers with surplus used fork lift trucks to submit their machines into the next global Materials Handling Auction, scheduled to close on the 24th February 2010.

The last sale in November saw an amazing 18 different countries participating in the auction, including bidders from Slovenia, Germany, Croatia, Poland, Albania, India, Egypt. The majority of the bidders came from the UK.

If you want to include your used surplus fork lift trucks in the auction, please contact Peter Budden on +44 7785 22 19 22.
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Hier halte ich sogar eine Verfünffachung der extrem niedrigen Bewertung von ca. 14 Millionen britischen Pfund für möglich.  

http://go-dove.blogspot.com/

Sodass ich für 2010 die Verfünffachung der irrwitzig niedrigen Bewertung von 14 Millionen britischen Pund nicht nur für möglich halte, sondern für wahrscheinlicher als das Verharren auf dem jetzigen Niveau.  

http://www.govdelivery.com/newsletter/0110/federal_0110.html  

einem der bedeutendsten IT-Outsourcer aus China, wobei wir hier ein us-chinesisches Unternehmen haben:

http://yvruc.com/the-growing-popularity-of-outsourcing-it/438/  

http://messages.finance.yahoo.com/...p;mid=263079&tof=1&frt=2  

bei ICGCommerce, wo sie sich binnen eines Jahres fast um 50% erhöht haben, mit denen von Ariba, wo sie sogar leicht rückläufig waren.

"ICG Commerce is an outsourced procurement services provider. In the third quarter of 2009, ICG Commerce’s revenue grew to $20.5 million, compared to $14.7 million in the same 2008 period. ICG Commerce’s EBITDA improved to $2.6 million in the third quarter, compared to $0.3 million in the comparable 2008 period. ICG Commerce’s cash balance at September 30, 2009 was approximately $20.6 million. ICG has a 64% ownership position in ICG Commerce

Ariba's revenue dipped to $85.7 million from $86.1 million in the year-ago quarter, but still beat analyst predictions for $85.1 million."  

Metastorm, wo ich von einem Verkauf an Oracle oder einen anderen BIG PLAYER ausgehe. Denn der Sektor BPM brummt:

http://www.cmswire.com/cms/enterprise-cms/...10-and-beyond-006410.php

Internet Capital hält 33% an Metastorm, die bei einem Verkauf durchaus eine Viertelmilliarde bringen können.  

Gesetzgebung nicht bekanntgegeben werden, aber es reicht auch schon wenn anhand einer Wiederholung der Fakten die extreme Unterbewertung deutlich wird.

http://finance.yahoo.com/news/...set-Management-bw-566294649.html?x=0  

Laut dem Researchunternehmen IDC wird der Markt für BPM_Software in nächsten vier Jahren jährlich um 15% wachsen, dabei wird das Marktvolumen von 1,7 Milliarden in 2009 auf 3 Milliarden in 2013 steigen.  

ICGCommerce ist die wertvollste Beteiligung von Internet Capital. Internet Capital hält 64% an ICGCommerce.

http://www.computerwoche.de/management/it-services/1908013/  

Zahl an Jobangeboten von allen Internet Capital-Beteiligungen: Momantan sucht man 40 neue Arbeitskräfte.

https://icgcommerce.tms.hrdepartment.com/cgi-bin/...rchjobs_quick.cgi  

massiv ein:

http://messages.finance.yahoo.com/...p;mid=263102&tof=2&frt=2  

bei Internet Capital nicht zum Zuge gekommen - im wesentlichen durch den gefallen Eurokurs.  

waren sowieso nur minimal, aber ich kann jetzt aus Gründen der Risikostreuung leider da nicht mehr zulegen. Das sieht bei Anlegern, die diese Aktie noch nicht oder kaum im Depot haben, anders aus. Je nach Risikoneigung kann man da doch 1% bis 3% beimischen, denn die Fundamentals sind excellent.